Better than Fight Night Round 3
Graphics: Almost great. Not terribly overdone like in Fight Night Round 3 (which has, IMHO, some of the most awful effects I have ever seen). Models are very fluid, and cuts and bruises on the face look very brutal.
Sounds: Punches land with a soft thud, and knockdowns come with a loud crash. Your corner and the announcers constantly barrage you with repetitive (and sometimes inaccurate) information. Nothing revolutionary here.
Mini-games: The cutman corner is a fun little minigame for awhile, but soon you'll find yourself skipping it in favor of jumping straight back into the action. Training mini-games are a fun, interesting way to boost your characters skills, though I wish that they were a little more varied than just weightlifting, combos, and the heavy bag.
Character Creation: Awesome. Lots of variations to make your avatar. Want an ex-sumo wrestler, Ivan Drago, or Gary Coleman? You can make them with this detailed of a system.
Overall: Must buy. The boxing game that owns the genre.